Frequent flyer programs or more commonly known as loyalty programs are no longer an unfamiliar concept. They are widespread now and all major airlines have introduced one such program to capture a greater market share in the current competitive environment. Travel points earned through these programs are becoming increasingly popular and understandably so as they have immense rewards. Since the miles are so common now, their trade as in buying and selling has become a norm too. But not everyone is an expert yet. This article is for those looking to learn more about buying and selling miles. And more specifically, bridging the gap between the buyer and seller. 

Understand the gap and set goals

In order to bridge the gap between the buyer and seller, first you must understand it. Normally this gap is to be covered by both parties in a way. Understand the gap in terms of buyer and seller goals. Identify your main goals. Once the goals are clear, all experts agree the gap is bridged more efficiently as you have a concrete direction set. This technique is said to work well for buyers and sellers both.

Focus on the buyer’s perspective

From seller’s point of view, it is important that you put your entire focus on understanding the buyer’s perspective. Once you understand this, you can set out more realistic selling terms and policies, thereby improving sales. Specifically speaking about travel points, sellers must understand that buyers are looking for ‘value for money’. If they are not offered a deal that gives them at least some edge, they won’t make the purchase. Ultimately the seller’s goal is high sales and to achieve that, you must always keep the buyer’s perspective in mind.

Keep your purpose in mind

To be able to fill in the long gap between buyer’s and seller’s goals, you must keep your purpose in mind. In this era of technology and latest buying/selling trends, you may lose sight of your actual purpose. Usually for buying and selling points, the purpose does not differ greatly. The buyer wants a deal that helps them get at least some advantage whereas the seller wants to make at least some profit. If both parties compromise keeping in mind each other’s purpose, there is a high chance of a successful deal.

Study the current environment

It is important to adapt to the dynamic and ever changing travel industry. Every time you are out to sell points, you need to study the current environment and circumstances. Only then can you make an offer worth a buy. The general market trend is very necessary to consider.

Cost-benefit analysis

This is an analysis that works for every situation. In this case, it helps both parties. The analysis will give you a clear perspective on how to work around a deal that suits the seller and buyer both. It will also help sellers identify a profit that does not impact the market share negatively

Subscribe for updates